An urgency to rein in budget deficits seems to be gaining some traction among American lawmakers. If so, it is none too soon. Perceptions of a large U.S. borrowing capacity are misleading.

Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is fostering a sense of complacency that can have dire consequences.

Hey, it's "regrettable" that markets are functioning the way they are. This from an Ayn Rand acolyte! And Greenspan is calling for austerity, now that the banks have been bailed out to the tune of trillions. No flaw in that model, eh?

(There is an accessible comment section, the balance tilted in favor of what AG wrote.)